In August, Bed Bath & Beyond announced it would shutter stores and lay off workers in a bid to turn around its beleaguered business.
& Beyond warned on Thursday that the home goods retailer may need to file for bankruptcy as sales continue to drop and it struggles to attract shoppers.
"There is substantial doubt about the company's ability to continue as a going concern," the retailer said in a statement.Bed Bath The company's recently-appointed CEO and president, Sue Gove, blamed the poor performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on the shelves.& Beyond announced it would shutter stores and lay off workers in a bid to turn around its beleaguered business. It closed about 150 of its namesakes stores and slashed its workforce by 20%. It estimated those cuts would save $250 million in the company's current fiscal year.
That reversed a strategy embraced by its former CEO Mark Tritton, who was ousted last June after less than three years at the helm. It said it would get rid of one-third of its store brands, which had started to be rolled out in the last year or so. Besides Bed BathNeil Saunders, managing director of GlobalData Retail, wrote in a report Thursday that Bed Bath
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